Attention Millennials! Whether you know it or not, you can set yourself up for success starting today. See we millennials have the upper hand when it comes to saving and investing. I say this because we are not only masters of technology, but we also have time on our side. Time, being one of the core components of investing and saving, can be the difference between being able to retire and being able to retire a millionaire. That is why I want to get this message out to you ASAP.

The sooner you start investing, the more time money has to compound on itself. Many of us hear the term compound interest thrown around but we still seem to neglect its beauty. Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it,” and he could not be more right. Example:

Deposit $100.00 in savings account
Earn 10% interest on $100.00 at the end of the month
Balance the second month is $110.00
Earn 10% interest on $110.00 at the end of the month
Balance $121.00

If this was repeated for six months, the $100.00 deposit would have turned into $177.16 without any additional deposits. Imagine this after 40 years? Now you must know that finding a bank that provides 10% interest will not happen but the point of the example was not to show literal numbers but to show exponential growth from the time the initial deposit was made. This is so important because 40 years of compounding will benefit you a lot more than 10 years of compounding. It doesn’t take much either. Do some research to find some high interest savings accounts such as Discover bank and just start making small deposits. It does not take much. 10% of your check is the general rule but anything is better than nothing. The beauty is, we still have father time on our side. Someone who starts at 24 saving 1% of their income can still go further than someone at 54 who starts saving 20% of their income.

Not only do we have time, but we have our unique technological skills that no generation can match. The financial world is constantly adapting and evolving to ensure it is operating with the most up to date programs. Through this innovation, us common folk no longer have to get the short end of the stick when it comes to investing and saving. Back in the old days, a third-party such as a stock broker was required to make an investment into the stock market. Today, this can all be done online! I am not a financial advisor and because of that, I will not recommend stocks to purchase or investments to make, but what I will recommend is doing some research on your own towards taking the bold step into investing. This does not only mean stocks. Things such as peer-to-peer lending sites and even currency trading all can happen from the comfort of your own home. The convenience of technology now allows us to be our own wealth managers with research and data right at our fingertips.

As millennials, we can do this right. While it is never to late to start saving and investing, it will never be to early either. Take advantage of having time on your side and you will thank yourself in the long run.

Friends & Brand Accounts That I’ve Added to My Feeds Who Like This

Thoughts: What if we gave people the ability to let them see other bands who liked the posts they read? (We could also add this below).

Millionaire’s Digest Accounts Related to This Posts

Founder & CEO Thoughts (Private): Accounts that post…

Get the $12.99 Millionaire’s Digest Magazine, Free?

Email Address
First Name
Last Name

For Authors, Bloggers, Founders, CEO’s, and Small Business Startups! (Cost is free and we just provide you with a few extra tools to help give your brand more exposure!)

Author Profile

Colin Cox

More Posts by Other Users

Founder & CEO Thoughts (Private):

About the Millionaire’s Digest

The Millionaire's Digest is a media publishing platform, magazine product line, and social networking site built for the purpose of giving anyone who's ever had a passion for anything, a place where they can share it with others, discover what others are sharing, and connect with new friends who are also passionate about the same things as they are! Explore the Features

About Our Media Publishing Platform

How many of us likes to read...? Truth is, most of us don't as we would much rather be spending our time doing something else, and so, aside from being the first company to create the first magazine that doesn't require our writers to have a degree for it, we also created the first platform to connect the passionate things everyone loves to talk about, written by those who have a passion to write for! See How We Make It Work

About Our Magazine

While every magazine in this world continues to go on only to serve those who are claimed good enough with a degree to write for them, we took our magazine and ran the other way by creating the first magazine that doesn't require our writers to have one, and all based on the passionate things that we all have passions for! Discover Just How We "Run It"